Following the MOJ's publication yesterday of the Bribery Act guidance, risk advisor Control Risks says the principles will encourage success in overseas markets.
“Despite some initial concern about the passage of the UK Bribery Act, most well-managed businesses recognise the new legislation was long overdue. The issuance of guidance on Adequate Procedures has been very much welcomed by organisations, specifically the advice around gifts and hospitality, and facilitation payments. This document should allay concerns of businesses operating internationally as it brings greater clarity to the more vexing issues in anti-corruption,” says John Conyngham, group legal counsel and global director of corporate investigations at Control Risks.
Principles 3 and 4 concerning risk assessment and due diligence, in particular, he believes bring into sharp focus the realistic requirements of companies especially vulnerable to bribery risks. “Taken together, the six principles embody the key facets that well run companies will already have in place, and which will enable and accelerate business success in overseas markets,” he concludes.
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